Endocare Inc., an Irvine medical device maker, said Wednesday it rejected a $26.9 million unsolicited buyout offer from Austin, Texas-based HealthTronics Inc.
“After careful evaluation, the board determined the proposal is inadequate and is not in the best interests of Endocare’s shareholders,” Endocare said in a statement.
HealthTronics’ offer was a 20% premium over Endocare’s closing price on Aug. 8, when it made the offer after the market closed that day.
HealthTronics, which makes urology products, sought Endocare as part of a move to widen its treatment offerings. Endocare focuses on cryoablation-based procedures, which use ice in surgeries to freeze and destroy cells within tissues and tumors.
Endocare shares were up nearly 5% at close of trading Wednesday with a market value of about $28 million.
By contrast, HealthTronics shares were up 6% with a market value of about $150 million.
